Matching Items (16)

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融资约束、企业创新与流动性管理研究—基于中国军工板块上市企业的实证研究

Description

2008年金融危机以来,全球一大批企业因现金流短缺而破产或濒临破产,流动性短缺由金融机构蔓延至实体经济,给企业的正常运转造成巨大冲击,致使企业陷入资金紧张、融资困难的境地。在此情况下,持有适量现金对企业而言就显得尤为重要,本文也发现经济总量居世界前二的中美两国,其本土企业的现金持有水平逐年上升。

然而,企业持有现金规模的上升也会导致两大问题的产生:第一,持有较多的现金就意味着必须削减当期投资支出,在未来投资机会存在较大不确定性的情况下,这种持币等待会加大公司的经营风险,并限制公司的成长能力;第二,由于现金是最容易被侵占和攫取的资产,高额现金持有可能成为经理人获取私利或大股东掏空的猎物,从而引发了高昂的代理成本。在军民融合这一国家战略背景下,对于转型阶段的中国军工企业而言,上述两大矛盾在这一轮改革红利中也显得尤为突出。军工企业作为我国国防建设和经济建设的一员大将,是我国国防的重要支撑,承担着为人民军队和民兵提供各种所需武器装备和民品的重要任务。而技术创新是军工企业赖以生存的原动力,失去了技术创新的军工企业将给国家带来无法估量的灾难。但是军工企业的创新活动需要大量的资金支持,中小型军工企业因融资约束问题所导致的研发投入少、创新水平低在当下便显得较为严峻。

基于以上理论与现实背景,本文对我国军工上市企业的融资约束、流动性管理与企业创新等问题进行了深入研究,结果发现:(1)军工企业的融资约束与公司现金持有水平间具有显著的正向关联性,融资约束程度越高,企业持有现金及其等价物越多;(2)样本企业的融资约束问题也抑制了研发投入,融资约束程度越高,研发投入的资金越少;(3)通过调节效应模型,作者检验并证实了样本中企业持有更多的现金及其等价物可有效改善融资约束对研发投入的负向抑制作用。最后,根据本文实证得出的结论,并考虑到中国军工行业的发展现状,提出了相应的政策建议以缓解融资约束对军工企业的负面影响。

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Date Created
  • 2020

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A Strategic Management Perspective of Fund Family Competition: Theories and Evidence from America and China

Description

Since the 2008 financial crisis, the total assets managed by U.S. mutual funds have frequently hit new highs and the industry has become increasingly concentrated. In the meantime, two strategies

Since the 2008 financial crisis, the total assets managed by U.S. mutual funds have frequently hit new highs and the industry has become increasingly concentrated. In the meantime, two strategies have emerged in the American mutual fund industry: active and passive management. What factors affect the market shares of firms that adopted these two different strategies?

Building on strategic management theories, I suggest that mutual fund families that adopted active and passive management strategies tend to compete in different dimensions. Active management fund families tend to implement the product differentiation strategy, competing on “product quality” through excess-returns, innovative and differentiated fund products; passively managed fund families focus more on "price competition" by conducting an overall cost leadership strategy.

This research examines the driven factors of fund families’ market share. The results show that: the market share of actively managed fund families is more sensitive to positive impact of fund performance, while passive management firms are more sensitive to negative effect of management fees and total loads; 12b-1 expense improves the competitiveness of active fund families and thus enhance their market shares but it has negative impact on passive fund families. In addition, high turnover decreases the market share of all fund families, especially for passively managed families. The outcome reveals the latest US mutual industry orientation: products differentiation, turnover, management fee have greater impact on market share while the competition of fund performance is diminishing. The Matthew effect in US mutual fund industry is outstanding. Industrial competition dimension expands from performance and products to cost cutting.

Empirical analysis on Chinese mutual fund families is also conducted. Different from the US, there is only small number of mutual fund families targeting passive management products. The results show that the distribution channel has the largest impact on Chinese mutual fund family market share and investors are more willing to chase performance than to consider cost-efficient fund families. This study then analyses reasons behind the difference of Chinese and American mutual fund industries.

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Date Created
  • 2018

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Research of Dynamic Relationship between the Price of Alternative Investment Products and Macro-Economy

Description

This paper studies the dynamic relationship between the pricing of Alternative Asset Management products and macroeconomic variables. It does so using an index of Alternative Asset Management products, employing a

This paper studies the dynamic relationship between the pricing of Alternative Asset Management products and macroeconomic variables. It does so using an index of Alternative Asset Management products, employing a VAR framework and examining the implied impulse response functions. I find a bivariate causal relation between the expected rate of return on Alternative Asset Management products and the growth rate of industrial value added. I also find that the CPI, the yield on one-year national debt, the weighted average yield of bond repurchases in interbank bond market, and the one-year loan interest rate can influence the expected return rate of Alternative Asset Management products. An analysis of the variance decomposition suggests that macroeconomic variables have a different impacts on forecast errors variance.

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Date Created
  • 2016

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On Risk Prevention and Supervision of Local Trading Platforms for Financial Assets

Description

This dissertation focuses on risk prevention and regulatory issues of financial asset trading platforms, exploring the composition of a financial asset trading platform and its risks, formulating the general framework

This dissertation focuses on risk prevention and regulatory issues of financial asset trading platforms, exploring the composition of a financial asset trading platform and its risks, formulating the general framework of platform risk prevention and regulation, and discussing the methodologies for monitoring and managing the risk of financial assets trading platform. The dissertation is divided into eight chapters. The first chapter is the introduction, which discusses the current status in this research field, the motivation and significance of the research topic. The second chapter discusses the transaction cost theory, information asymmetry theory, financial risk management theory, financial supervision theory and other related basic theories related to financial asset trading platform risk prevention and supervision. The third chapter presents the definition, the main types, the generating mechanism and the transmission mechanism of the financial asset trading platform. The fourth chapter elaborates theoretically on the general framework of financial asset trading platform risk prevention and supervision based on the aspects of basic principles, key tasks, applicable methods and constituent elements. The fifth chapter discusses the performance of financial asset trading business, asset return trading business, financing business and information coupling business on financial asset trading platforms, and analyzes the risk prevention of financial asset trading platforms from a business perspective. The sixth chapter discusses the development of financial asset trading platforms in developed countries, and summarizes the experience and practice of their risk prevention and supervision based on four categories of business lines. On this basis, the dissertation draws the inspiration and implications for the future development of the trading platforms in our country. The seventh chapter puts forward policy recommendations regarding risk prevention and supervision of financial asset trading platforms in five aspects: legal positioning, credit information system, protection of consumer rights, self-discipline management and business supervision.

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Date Created
  • 2017

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Study on the Impetus of Corporate Management in the Development of Law Firm

Description

This article can be divided into six parts.

The first chapter analyzes the background, theatrical and particle reasons of this research. The author argues that the management of law firm

This article can be divided into six parts.

The first chapter analyzes the background, theatrical and particle reasons of this research. The author argues that the management of law firm needs a set of good system. The first one is operating the law firm in scale, and the other on is corporate management model, which shall be constructed in detail in the paper and will be put into practice by the law firm in which the author is worked.

The second chapter will introduce modern management theory, combining the situation of management in our law firm to analyze, raising some reasonable suggestions and instructions to promote our law firm to achieve the corporate management.

In the third chapter, the first chapter, starting with the review of the development process of foreign and our law firms, listing the organizational forms and the characteristics of our law firm, analyzing the situation and the drawbacks of the law firm management.

The fourth and fifth chapter introduce he background, the connotation of the corporate management model, listing the development and successful experience of some typical cases in respect of corporate management.

In the last chapter, the construction of corporate management model will be introduced in terms of organization form, human resource management and informationizing development.

The corporate management model is not mature in china. Though it is not easy to reform the existing model, but it should be believed that the development benefiting the legal industry will be achieved.

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Date Created
  • 2017

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Research on Financing Cost of SMB in P2P Lending Platform

Description

How to play the advantages of network loan platform to reduce the financing costs of net loan platform both in theory and practice has important significance. In this paper, we

How to play the advantages of network loan platform to reduce the financing costs of net loan platform both in theory and practice has important significance. In this paper, we use the method of qualitative and quantitative combination. First of all, through the interview of the net loan platform practitioners, the financing cost of the net loan platform comes from the internal and external parts. Part of the network loan platform should be righteous, but counterproductive human and material costs, credit costs, information efficiency, transaction costs and matching costs; part of the emerging industry as a challenge, compliance costs, technical costs and safety costs and other cost. And put forward the top design credit system, promote the credit system; build a unified development of regulatory policies to reduce compliance risks; increase investment in technology, share the improvement of technological progress bonuses. Through the establishment of the regression model, the paper analyzes the influence of various indexes of network loan platform on the cost of network reception. It is found that the background of net loan platform with shareholder and executive team as the proxy variable has significant influence on the cost of network loan platform. The effect is not significant. Risk control indicators on the net loan platform cost has a significant negative effect. The impact of operating capacity on the cost of net loan platform differentiation, the acquisition of the cost of positive relations, the other is negative relations. Policy compliance indicators of financial security on the net loan platform cost significantly, the other did not significantly affect the role of liquidity indicators of differentiation, the average borrowing period will significantly affect the net loan platform costs, liquidity is a negative impact. And finally put forward the policy and recommendations and research limitations and future direction.

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Date Created
  • 2017

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The Impacts on Corporate Performance of the Banking Industry’s Compensation & Incentive Policy

Description

Ever since the registration of private banks was deregulated in Taiwan in 1991, the sector has suffered significant decline in profitability. Facing such a dynamic sector yet vital to domestic

Ever since the registration of private banks was deregulated in Taiwan in 1991, the sector has suffered significant decline in profitability. Facing such a dynamic sector yet vital to domestic economy, what should the banks do to successfully improve their competiveness? As external changes are often unpredictable, the exploration and buildup of internal resources is a critical approach. This article focuses on how to effectively manage internal competition so as to upgrade business performance and accomplish organizational goals.

This article discusses the effects of the compensation system and employee incentives on business performance in banking in two areas. First of all, based on the statistics on the banking sector in Taiwan, it explores the regulating effects of different compensation systems on two conflicts in the industry. It also reviews the literature on Conflict Theory. Research shows that when people trust each other, they tend to accept a value statement different from theirs. And our research also shows that trust can minimize task conflict and relationship conflict between team members. Moreover, after identifying the role of compensation structure to trust and task conflict, this article further categorizes the structure into team performance reward and individual performance reward. Analysis points out that when the organization bases compensation payment on team performance reward, the relationship between trust and task conflict is higher than that on individual performance reward. That is, team performance reward better helps to reinforce such correlation compared to individual performance reward.

Second, the research studies different forms of employee incentives in Taiwan’s banking sector as well as resulting performance. During the studied period, the majority of the financial institutions preferred cash bonus. In addition, financial institutions also take other incentives. Cash bonus covered the highest percentage, followed by share bonus, treasury repo and transfer, and options in order. We study the ROEs under different incentives and conclude it is higher and more stable in the institutions offering multiple employee shares instead of single method. Whether the incentives are implemented also influence the level of net ROE.

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Date Created
  • 2016

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B-Park公司在上海三甲医院智能停车项目的融资策略优化研究

Description

中国改革开放40年,全国人民整体生活水平提升,家用轿车已经全面普及,医疗及需求的提升,导致医院停车空间严重欠缺。而智能立体停车设备,可以采用零星用地,解决医院停车难题。

建设领域常用的融资手段,在智能停车位建设上尚不能完全适应,本文的智能停车位建设在医院,受土地性质的限制,在融资方面受到的限制也比较多。因而本文围绕以医院建设智能停车位的资金需求而展开的融资方案研究,采用实地研究中的案例研究方法,案例研究自变量中,2016年2月-2017年12月,耗时20个月,以上海的107家医院62个融资需求的智能停车位的收益稳定性、建设批量、建设速度、收益权期限、建设投入、运营收入、运营支出及智能停车设备建成后的综合收益做充分的研究统计分析;案例研究因变量中,2016年10月-2017年12月,耗时14个月,对145家金融机构、210位机构负责人,诸如银行、信托、基金、保理、融资租赁、资产管理、小额贷款、消费金融、私募、ABS、保险、融资担保、融资中介、风险投资、证券等多个机构的风控标准要素如增信要求、担保条件、合作模式、放款额度、资金期限、资金成本、投资方案、融资费用、放款速度等多个投资条件实施访谈研究统计分析,总结提炼对照假设获得对应的高匹配程度的多种组合融资方案,高度优化了B-Park公司的初始融资方案。

本文一个主要的研究结论是:医院智能停车项目可以采取单一融资模式,也可以采取集成融资模式,揭示了在新的环境创新科技金融领域的融资方案。此外,项目的投资收益表现对收费价格很敏感,但是对资金成本(年利率)不是很敏感。结果表明,在新的环境下,

科技金融领域的融资方案得到了创新。这是一篇典型的生产、教学和研究论文,为我国停车建设融资需求的快速发展,特别是医院停车建设融资需求提供了较高的研究参考。

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Date Created
  • 2019

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Status and Exploration of Wealth Management Services of China’s Trust Industry

Description

With years of continuous Chinese economic growth and accelerating aging population, better serving the changing demands in wealth management has become the new market development directions. As evidenced in international

With years of continuous Chinese economic growth and accelerating aging population, better serving the changing demands in wealth management has become the new market development directions. As evidenced in international experiences, the embedded nature of privacy and isolation of managed assets in the trust business have demonstrated built-in consistency with the needs of high-end wealth management and inheritance; hence, trust has become a very fitting vehicle for wealth management. By 2014, total assets under trust management have reached RMB14trillion.

However, there is as yet a massive gap between the current service levels received by high net worth individuals and their requirements; a gap that is adverse in establishing a stable customer service relationship; which eventually hinders the vigorous development of the overall industry.

With modeling the gaps in service levels as the basic foundation, this paper first and foremost starts with the discussion on the issues in listening to service needs. This paper conducted customer surveys in such categories as customer expected and perceived service quality, service level design and standards, service provided in accordance with the design, and service commitment actually fulfilled. By correlation and regression analyses, this paper analyzed the characteristics of high net worth population, concluding that high net worth individuals with different gender, profession, age exhibit varying needs, preferences and other determining factors in wealth management.

This Paper has designed wealth management service standards and value-added asset allocation systems; the Paper has structured a systematic and disciplined framework in wealth management, which serves as a guideline in the implementation of leading wealth management and in the establishment of superior trust management services. It serves as an impetus for the trust industry to thrive as the leader in China’s wealth management domain, enhance industry brand image, accumulate stable customer segments and develop sustainable market core competencies.

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Date Created
  • 2015

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社群归属感、生活形态与忠诚度:高净值社群运营的关键影响因素研究 ——以上海嘉庭俱乐部为例

Description

随着中国经济过去30多年的高速发展,出现了一大批的高收入人群,他们更注重生活的品质,如追求自然、简约、低调的休闲生活方式,更看重健康生活、自身的身心修养,和提高自身修养的内涵式生活,以及注重子女的内涵气质教育。

同时,具有很强烈地获得心理认同的需求,参加各种以消费和交往为媒介和主体活动的社群或“社交圈子”,在心理和情感上自我获得与其在财富、生活方式以及生活品位等诸方面都类似的群体间的身份认同感和归属感;更看着与其社会阶层相匹配的身份地位、社交人脉、兴趣爱好等。

因此,从运营的角度来看,如何增加上述这些高净值人群对高净值社群的归属感,进而提高其对高净值社群的忠诚度,是高净值社群进一步可持续经营和发展的基石。本研究以上海嘉庭俱乐部为例,在对问卷调查的基础上,通过实证研究,探讨影响高净值社群归属感与忠诚度的关键因素,高净值社群中会员的归属感与忠诚度的关系,会员生活型态的差异使得归属感与忠诚度的影响关系呈现显著的不同。

实证研究表明,“时尚流行”会员较为理性,其更注重休闲风尚;而“优雅休闲与享受尊荣”的会员则偏感性,其相当注重心灵感受与宁静舒适的感觉,强调全家共享以及纯封闭式的会员享受,能够更多地认识到与个人品味和品位相同的人,如对生活品质的追求、价值观、子女教育等;内心更开放、所接受教育程度更高的家庭,在嘉庭会感受到的归属感意识更高、其忠诚度也更高。

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Agent

Created

Date Created
  • 2019